Taiwan cryptocurrency exchange MAX today issued an important notice, claiming that starting from July 1st, they will conduct user basic information update operations to ensure normal account trading and protect user rights.
Dear Member,
To comply with regulations and enhance account security, MAX will begin user basic information and questionnaire update operations from July 1st, 2025. At that time, please help update information such as occupation and income sources, and complete the questionnaire as soon as possible to ensure your account functions normally and protect your trading rights.
New registered users will complete the questionnaire during the registration process. Existing users will receive app push notifications and interface reminders, and can quickly complete data updates by following the screen guidance.
Your cooperation is crucial to improving overall account security, and we kindly request your assistance in completing these operations.
Thank you for your support
MAX Digital Asset Exchange
Preparing for the Specialized Law?
It is reasonably speculated that MAX's request for users to update their information is likely to prepare for future more detailed regulatory requirements.
Previously reported by the industry, the Financial Supervisory Commission plans to submit the revised draft to the Executive Yuan before the end of June, aiming to complete the third reading during the 2025 legislative session. If the schedule goes smoothly, all virtual asset service providers (VASP) without licenses must complete the conversion within 6 months of the law's effectiveness, otherwise facing criminal penalties and delisting risks.
Market professionals estimate that domestic trading volume may shrink by 10%-15% due to increased compliance costs, while large international exchanges may accelerate their entry.
FSC's Six Focus Areas
The Financial Supervisory Commission has focused on 6 aspects of supervision:
- Offshore VASP landing
- Investor protection
- Unauthorized operation criminal liability
- Financial institution license management
- New business openings
- Financial report disclosure
The service law initially allows VASP operators six types of businesses, including virtual asset exchange, platform, transfer, custody, underwriting, and lending, and will progressively release more scenarios based on risk. For unauthorized operators involved in fraud, the "Fraud Crime Hazard Prevention Regulations" can be used for enhanced penalties.
FSC Vice Chairman Chen Yan-liang pointed out that the transition period is "flexible", with the goal of "no operators means no market", and will provide sufficient time for operators to complete licensing
